Tips to boost your business

3 min read

The Government of Canada’s Senior Innovation Advisors are passionate about helping your business grow. Former entrepreneurs and private sector executives themselves, they have connections and networks that they can leverage to help you find, and take advantage of, the programs, services, and opportunities at your disposal. Here are a few of their top tips:

Get to know your ecosystem

Canada has a rich network of entrepreneurs like you, building and relying on a culture of mutual support – and many are happy to share their experience. Look for opportunities to cultivate relationships by networking and connecting with your local business ecosystem. A solid network can help you:

• Find fellow entrepreneurs, share experiences and a develop support systems that can help you make the right moves to drive your business forward.
• Connect and build up your connections and potentially your client base too. Consider attending trade shows and networking events, or industry-focused events are where your customers will be.
• Get great referrals to new customers, opportunities or potential partners.

Find the right financing for your situation

Did you know that there are more financing options offered by government than just loans and grants? Get to know the differences between grants, contributions and more, so you can find what your business needs most. You might also want to consider:

• wage subsidies
• tax credits
• region-specific support
• capital investments
• partnerships

The Business Benefits Finder is a great place to start. Answer some quick questions about your business and receive a tailored list of programs and services for your company’s stage, needs and goals.

Plan, and then plan some more

• Regularly update your financial position, forecasting, and marketing materials. We’ve seen how working environments and consumer habits can change quickly. Planning will help you to be nimble, overcome obstacles and seize opportunities.
• Track your progress. Many programs, financial institutions and investors want to see some form of progress, even if it is pre-revenue. Building a track record of non-financial milestones can demonstrate credibility and the ability to execute.
• Think digital. Consider a digital strategy that can put you in closer touch with your clients and make you stand out. Plan ways to engage and create great customer and client experiences and make yourself easy to find through marketing and e-commerce solutions.

Have a growth mindset

Great businesses plan for growth:

• Hire good people that bring new perspectives and who will allow you the flexibility to get out there and pursue growth. Consider enhancing your diversity and inclusion hiring strategies, which can bring fresh insights and new ideas to the table, and help you reach more customers.
• Cultivate a culture that promotes your business values and fosters loyalty. By creating positive experiences, you can inspire your people, develop loyalty and lead by example.
• Be efficient. Find operational efficiencies from the very start and stick to them as you grow.
• Don’t idle. Challenge the status quo, and keep thinking of how to make things better.
• Get support. Even the best leaders need help.

For more ways to grow your business, check out Innovation Canada’s suite of programs and services for entrepreneurs.

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